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Today friend we are telling you about how to get personal loan: Today, a large number of people are applying for personal loan to meet their big expenses. One of the reasons for the rise in popularity of personal loan is that it is an unsecured loan. It does not require any guarantee and is available in a short time.
What is personal loan – You can easily get a personal loan from any bank or non-banking financial company of your choice. With online services offered by financial institutions, you can get the loan amount in your account within 48 hours.
So friends, today through this post we are going to give you personal loan information “Personal Loan Ke Bare Mein Jankari”, if you want a personal loan then read this post on the end.
What is personal loan
What is Personal Loan =- Personal loan is a credit facility that helps to meet your financial needs. It is easy to take advantage of personal loans, because you do not need to mortgage any collateral and do not have much restrictions on how to use money. You can take advantage of Bajaj Finserv personal loan with minimum paperwork and easy application process
How many types of personal loan are there?
- marriage loan,
- Store loan,
- home renovation loan,
- pension loan,
- education loan,
- festive loan,
- consumer durable loan,
- Computer and Mobile Telephone Loan,
- Medical or emergency loan
Benefits of taking a Personal Loan?
- Personal loans can be used for various purposes, such as medical expenses, home repairs, weddings, vacations, and other personal expenses.
- Personal loans do not require collateral such as a home or car, which means borrowers do not have to put their assets at risk to avail the loan.
- Repaying personal loans on time helps in improving the credit score of the borrower, which makes it easier to avail loans or credit cards in the future.
- In other types of loans like home loan, you have to provide many documents. But personal loan requires minimum documents,
- Personal loan loan approval is also quick,
- With various financial institutions offering personal loan online services, the loan amount is disbursed within a few hours.
- Another important feature of a personal loan is that the lender gives you the flexibility to choose your loan tenure. Generally, the tenure of a personal loan is from one to five years. So, you can choose the loan tenure based on your repayment capacity,
How much can I get a personal loan?
What is Personal Loan -The amount of loan that the bank will give depends on your income level and profession. Generally, lenders sanction the loan based on their calculations, so that the EMI does not exceed 40% – 50% of your monthly income.
If you are a business owner or self-employed, the lender will determine the loan amount based on profits earned and recorded in the profit and loss statement. If you are employed, the lender will determine the amount based on your salary and other liabilities. In most cases, lending institutions approve personal loan amounts up to 30 times your monthly income.
Is it possible to apply for a Joint Personal Loan?
You can apply for a personal loan jointly with your spouse or any other family member such as parents or siblings. One advantage of applying for a personal loan with a co-borrower is that the lender will consider the income of both the applicants while determining the loan amount. This means you can apply for a higher loan.
However, you should know that if the co-borrower has a bad credit history, there is a risk that the lender may reject your loan application.
How much interest rate of personal loan
What is personal loan interest rate – Personal loan interest rates in India can range from around 10% to 35% per annum. Interest rates on personal loans are generally higher for borrowers with poor credit scores or weak financial histories, and lower for borrowers with good credit scores and strong financial histories.
Some of the factors that affect personal loan interest rates in India include:
- Credit score: Borrowers with good credit scores are generally offered lower interest rates, while those with poor credit scores may be offered higher rates.
- Income: Borrowers with higher incomes may be offered lower interest rates, as they are considered to have a stronger ability to repay the loan.
- Debt-to-income ratio: Borrowers with high debt-to-income ratios may be offered higher interest rates, as they are considered to be at higher risk of default.
- Lender: Different lenders may offer different interest rates, so it is important for borrowers to choose the best one.
- To get the interest rate, do compare the interest rate with other loan institution.
Important documents Required for Personal Loan Application?
Although the documents differ from lender to lender, some of the essential documents that you will need to provide along with your application form include:
- Proof of Income (Salary Slip, Bank Account Statement, ITR Form)
- Proof of residence and proof of identity
- PAN card
- passport size photo
- Bank statement of last 6 months
- Attested copy of your degree and license (this is only applicable for self-employed applicants).
Additional Personal Loan for Salaried Documents:
- Last three months salary slip
- Income Tax Return or Form 16
Additional Personal Loan Documents for Self Employed:
- Business Proof (License, Registration Certificate, GST Number)
- Balance sheet of last 2 years
- Income Tax Returns for the last 2 years
- profit and loss account,
- IT Appraisal or Clearance Certificate
- Income Tax Invoice or TDS Certificate (Form 16A)
How To Apply for Personal Loan
Let us know how to apply for a personal loan. There are 2 ways to get a personal loan.
- Bank Offer: The first bank offers you by calling. It does this because your credit score is very good and your bank says that the transaction continues. Pre-approved loans of many banks like HDFC Bank, Axis Bank are also shown in you. It is visible on offer from the bank. Pre-approved loans are mostly loan offers of 50000 to 50000 lakh rupees.
It is best that the bank offers you a personal loan, otherwise it may take more than 2 to 4 days. Because when the bank offers, the bank checks the statement of your civil score, says everything and you get the loan sitting at home.
There is no need to provide any document in the bank offer. Mostly you have to provide your salary slip or proof of self employed and you get personal loan easily.
- Apply loan by going to the bank: There are other ways that you have to go to the bank to get a personal loan. You have to apply for personal loans by visiting the bank. Go to the bank in which you have an account and apply, because banks give personal loans only to their customers.
By going to the bank where you do not have an account, the bankers will tell you that you will have to apply for your personal loan only by going to the same bank where you have your account.
For personal loan, you will be given a form from the bank, by filling that form, you can give Aadhaar card and PAN card for Id proof and address proof, as well as salary slip and you will get the loan again.
For whom is a personal loan used?
Personal loans are given without any final use restriction, so it can be used for various personal and professional requirements. Therefore, whether it is medical emergency or renovation of your home or marriage in your family, personal loan can be an ideal solution to manage your expenses. We immediately approval and with fast dysbersal Rs. Gives online personal loan of 40 lakhs. Personal loan, unlike the margase loan, is not tied with a specific asset and you can use it for any purpose.
How do personal loans work?
After your personal loan offer is approved, funds are deposited directly in your bank account. The borrower then pays the loan with interest in the predetermined period. When determining the interest rate and repayment conditions, the credit qualification and financial history of the borrower are taken into consideration.
Benefits of Personal Loan
There are many benefits of personal loans. These include:
- No collateral: Personal loans are unseen, it means that you do not need to pledge an asset to take advantage of the fund.
- Minimum Documentation: Documents required for personal loan are minimum. This reduces the total time taken in processing and you get funds immediately.
- Convenient period: You can choose the duration according to your repayment capacity. We provide a duration of up to 84 months.
Frequently ask question
Who can take a personal loan?
Banks give the most preference to salaried individuals in giving personal loans. Even in that, if you have a salary account in a bank, then it becomes easier for you to take a personal loan. Banks also offer personal loans to self-employed professionals such as doctors, engineers, chartered accountants, engineers, architects, etc.
How much can I get a personal loan?
It also depends on the bank / loan institution and the monthly income of the applicant. SBI offers personal loans up to Rs 20 lakh or up to 24 times the monthly income. So, if you are applying for a personal loan from a bank and your salary is Rs.40,000. If yes, then you can get a personal loan of up to Rs 9.6 lakh under the multiplier method.
What are the terms of personal loan?
Personal Loan Eligibility Criteria
1.Age: The minimum age of the applicant should be 18 years and maximum 60 years
2.Credit score: 750 or higher
Salary: The minimum salary of employed people is Rs.15000. 3.Income: Minimum of Rs.5 lakh for non-salaried customers.
4.Stable Employment: Total work experience of 2 years out of which 1 year should be in the same job
What are the personal loan foreclosure charges?
If you decide to prepay the loan before the end of the actual tenure, the lender may levy a penalty charge. Also known as foreclosure charges. This penalty usually ranges from one to two percent of the outstanding amount.